Had a question from a client yesterday – When does the tenant get the security deposit and pet damage deposit back?

A landlord must return the security deposit or pet damage deposit within 15 days of the tenancy ending or receiving the tenant’s forwarding address in writing, whichever is later. The landlord may keep some or all of the deposit if they have the tenant’s written consent or a valid Monetary Order from the Residential Tenancy Branch that may be applied against the deposit.

A landlord must provide interest on the security deposit and pet damage deposit. The interest may be calculated on the Residential Tenancy Branch’s free Deposit Interest Rate Calculator.

A landlord’s or tenant’s right to make a claim for a security deposit or pet damage deposit is affected by their participation in the move-in and move-out condition inspections. Claims for damages to the rental unit may be made independently of a claim for the Security Deposit.

Security deposits paid to landlords on or before December 31, 2003 may be retained until the end of the tenancy. A landlord who does not return or file a claim against the deposit at the end of the tenancy may be required to pay the tenant double the amount of the deposit.

Mark Fidgett, Your Vancouver Mortgage Broker For Life

www.notapennydown.com

604-273-2002

P.S. Who’s the next person you know who wants to save thousands off their mortgage?
Be sure to give me a call so we can help them!